00:02Well, there are a number of reasons as to why this data is the way it is, as just we
00:07heard there.
00:08So, not just interest rates, but supply, cost of living, but also the government's changes
00:13around tax elements.
00:15We're talking here about the changes to negative gearing and the capital gains tax
00:19discount.
00:20Now, they were announced in the May budget, and at the time, and still now, the Federal
00:24Government says those changes will reduce, to some extent, the number of investors buying
00:30more properties, which will lead to first-home buyers being able to get into the market.
00:35Now, at the time of making these announcements, there was Treasury modelling issued, and it
00:41found that these changes would lead to a small and temporary slowing in house price growth,
00:47estimated to see price growth by around 2% less over a couple of years.
00:54So, an acknowledgement that there would be a slowing of growth, but definitely not stopping
00:59a flatlining or going backwards.
01:01So, today, with this data, there have been questions put to a number of government ministers,
01:07including the Prime Minister.
01:08Has the government gone too far?
01:10Are there changes doing more harm than good?
01:13Anthony Albanese was on News Breakfast this morning, standing by the changes, saying it
01:18is allowing more first-home buyers to get into the market, and that's a good thing.
01:22And he also argued that this data is just based on one month, and in order to see how much
01:28these changes genuinely do affect the housing market, we've got to look long-term.
01:33You don't assess things like property on the basis of a day-to-day basis.
01:39What you do is assess what will happen, and the Treasury have done that.
01:45As a result of these changes, there will be increase in the value of houses, there will
01:49be slightly less, 2%, to be precise, than it would have been otherwise.
01:54On another matter, the government is introducing its gambling reforms this week.
01:59There are these growing calls for them to be reworked.
02:01Can you tell us about that?
02:03It's quite interesting with this one, Gemma, is that there seem to be more calls growing
02:08for change than those that are supportive of these changes.
02:12The government has a range of proposals around how gambling advertising should and shouldn't
02:17work going forward.
02:18The Coalition today saying that they're not so sure about the element around gambling ads
02:23on TV.
02:24The fact that after 8.30 at night, even if there's live sport, gambling ads will be allowed,
02:29there's no restrictions.
02:31Dan Tehan was on RN Breakfast this morning saying, look, the Coalition's happy to work
02:36with the government to make some changes specifically around that area.
02:41Well, we want to work with the government to make sure that we get this right.
02:45There is a feeling that there are some changes that need to be made to tighten it, especially
02:50when it comes around children being able to view television ad-free when it comes to gambling
02:58advertising.
02:59So we're going to work through that as a party, as a Liberal Party, the National Party, and then
03:05continue discussions with the government.
03:08So, Steffi, what are the next steps?
03:10The next steps, Gemma, in this case is actually an inquiry into the gambling reforms, and that's
03:15because both the Coalition and the Greens agree that there needs to be more scrutiny around
03:21this legislation.
03:22Now, we don't often hear the Coalition and the Greens on the same page.
03:25While they have sort of conflicting views about exactly what the reforms need to be, there is
03:31an agreement that they're not good enough as they stand.
03:34So there is going to be an inquiry into these reforms.
03:38The Greens are agreeing with the Coalition around the need for stricter gambling ad controls
03:44on TV.
03:45But they've also this morning argued about the need for stricter controls around gambling advertising
03:50online and also inducements.
03:53Inducements are where gambling companies reach out directly to people and encourage them essentially
03:58to take another bet.
04:00The Greens' Senator Sarah Hansen-Young says that now is an opportunity for a number of
04:05parties to work together, even the Coalition, because this is something they all agree needs
04:10to be tightened.
04:12This is a chance for the Coalition to actually stand for something.
04:15I mean, Angus Taylor talks a big game.
04:17Here's his chance.
04:19Stand up to Labor, work with the Greens to fix this.
04:23And I agree, you know, the way young people are targeted through this advertising is insidious
04:31and we need to stop that.
04:33But you know what else hurts young people and children is when their mum or dad is addicted
04:38to gambling, when their whole family falls apart, when no one has any money to put food
04:43on the table or to pay for the school fees or that next school excursion.
04:47Now, the crossbench also want the government to go harder on these gambling reforms.
04:52So what this shows is that there is no support for the government's proposed gambling reforms
04:59across the political divide.
05:01So the government will, in the end, have to look at making some degree of changes or toughening
05:07up of this legislation to be able to get it through parliament.
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